Malibu Village, one of Malibu's biggest shopping centers, has been sold to an Atlanta real estate investment firm that is building up its California presence.

Jamestown bought the 50,000-square-foot outdoor mall at Cross Creek Road and Pacific Coast Highway from a group of Southern California investors.

------------FOR THE RECORD: Malibu Village sale: In the May 29 Business section, an article about the sale of Malibu Village shopping center in Malibu should have identified KRE Capital and Dune Real Estate Partners as the primary sellers of the property. The sellers cited in the article, Pouya Abdi, Michael Shabani and Jay Luchs, were minority owners. ------------

Terms were not announced, but real estate experts familiar with the Malibu commercial property market value the transaction at more than $120 million.

Jamestown doesn't plan any big changes to the mall, but it will make an effort to get more local shops and restaurants as tenants.

Malibu Village has been sold to Atlanta real estate investment firm Jamestown for more than $120 million.

Malibu Village has been sold to Atlanta real estate investment firm Jamestown for more than $120 million. (Jamestown)

The center is more than 90% leased to such tenants as Sephora, Missoni, True Religion, Levi's and Banana Republic.

Sellers included real estate investors Pouya Abdi, Michael Shabani and Jay Luchs, Abdi said. The group bought Malibu Village in 2007, remodeled it and found tenants, he said.

Jamestown has several other commercial properties in California and bought the sprawling Lantana office, studio and production complex in Santa Monica's burgeoning media district last year.

The company has a strategy of buying prominent properties in upscale locations. Among its holdings are One Times Square and Chelsea Market in New York, Ghirardelli Square in San Francisco and a collection of retail buildings in downtown San Luis Obispo.